Brevan Howard Asset Management’s star macro trader Minal Bathwal has delivered a standout first-half performance, with his flagship MB Macro Master Fund gaining 9.8% through June, according to a report by Bloomberg citing unnamed people familiar with the matter.

The $5.6bn Singapore-based fund, run by one of Asia’s most acclaimed macro managers, notched positive returns in five of the first six months of 2025, with only a minor setback in March. The 1.3% gain in June pushed the fund ahead of many of its peers amid turbulent macroeconomic conditions, including policy unpredictability from Donald Trump’s shifting tariff policies and heightened geopolitical tensions.

Bathwal’s performance outpaced not only Brevan Howard’s larger Master Fund and Alpha Strategies Master Fund, but also broader industry benchmarks. A Hedge Fund Research (HFR) index tracking discretionary macro hedge funds gained 7.4% in the same period, while another macro composite weighted toward larger managers posted a 1% loss.

Brevan Howard, headquartered in Jersey and managing approximately $34bn, declined to comment on fund-specific performance.